Exxon Mobil Corporation $XOM Shares Sold by Summit Asset Management LLC

Summit Asset Management LLC lowered its stake in shares of Exxon Mobil Corporation (NYSE:XOM) by 5.9% during the second quarter, Holdings Channel reports. The firm owned 25,132 shares of the oil and gas company’s stock after selling 1,568 shares during the period. Summit Asset Management LLC’s holdings in Exxon Mobil were worth $2,709,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of XOM. Midwest Trust Co purchased a new position in shares of Exxon Mobil in the 2nd quarter valued at $68,853,000. LFA Lugano Financial Advisors SA boosted its stake in Exxon Mobil by 60.0% in the second quarter. LFA Lugano Financial Advisors SA now owns 765 shares of the oil and gas company’s stock valued at $82,000 after acquiring an additional 287 shares in the last quarter. DJE Kapital AG grew its holdings in shares of Exxon Mobil by 6.2% during the second quarter. DJE Kapital AG now owns 39,643 shares of the oil and gas company’s stock worth $4,292,000 after purchasing an additional 2,300 shares during the last quarter. Acadian Asset Management LLC increased its position in shares of Exxon Mobil by 7.7% during the second quarter. Acadian Asset Management LLC now owns 357,447 shares of the oil and gas company’s stock worth $38,523,000 after purchasing an additional 25,467 shares in the last quarter. Finally, 1ST Source Bank lifted its holdings in shares of Exxon Mobil by 1.5% in the 2nd quarter. 1ST Source Bank now owns 59,827 shares of the oil and gas company’s stock valued at $6,449,000 after purchasing an additional 898 shares during the last quarter. Hedge funds and other institutional investors own 61.80% of the company’s stock.

Insider Activity

In related news, VP Darrin L. Talley sold 2,158 shares of the stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $110.45, for a total transaction of $238,351.10. Following the completion of the transaction, the vice president directly owned 13,829 shares of the company’s stock, valued at $1,527,413.05. This represents a 13.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.03% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

XOM has been the topic of a number of research reports. UBS Group raised their price target on Exxon Mobil from $143.00 to $145.00 and gave the stock a “buy” rating in a research note on Monday, October 13th. Piper Sandler set a $141.00 target price on shares of Exxon Mobil in a research report on Tuesday, October 7th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Exxon Mobil in a report on Wednesday, October 8th. Wall Street Zen upgraded shares of Exxon Mobil from a “sell” rating to a “hold” rating in a research note on Saturday, September 13th. Finally, Melius assumed coverage on shares of Exxon Mobil in a research report on Wednesday, August 20th. They set a “hold” rating and a $111.00 price objective on the stock. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $128.50.

Exxon Mobil Price Performance

Exxon Mobil stock opened at $117.19 on Friday. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.25 and a quick ratio of 0.88. The business has a 50 day simple moving average of $113.45 and a 200-day simple moving average of $110.28. Exxon Mobil Corporation has a 12 month low of $97.80 and a 12 month high of $123.21. The stock has a market capitalization of $494.19 billion, a PE ratio of 16.65, a price-to-earnings-growth ratio of 2.06 and a beta of 0.49.

Exxon Mobil (NYSE:XOM) last posted its quarterly earnings data on Friday, June 17th. The oil and gas company reported $0.65 earnings per share for the quarter. The firm had revenue of $57.55 billion for the quarter. Exxon Mobil had a net margin of 9.17% and a return on equity of 11.34%. Equities analysts predict that Exxon Mobil Corporation will post 7.43 earnings per share for the current year.

Exxon Mobil Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 10th. Stockholders of record on Friday, November 14th will be paid a dividend of $1.03 per share. This represents a $4.12 dividend on an annualized basis and a dividend yield of 3.5%. This is a positive change from Exxon Mobil’s previous quarterly dividend of $0.99. The ex-dividend date is Friday, November 14th. Exxon Mobil’s dividend payout ratio (DPR) is presently 59.88%.

Exxon Mobil Profile

Exxon Mobil Corporation engages in the exploration and production of crude oil and natural gas in the United States and internationally. It operates through Upstream, Energy Products, Chemical Products, and Specialty Products segments. The Upstream segment explores for and produces crude oil and natural gas.